KEY FINDINGS
- Singapore’s labour market remained tight in 2023 as indicators related to labour underutilisation continued to improve. More employees are in permanent jobs; the incidence of workers who were discouraged from seeking work remained stable and low; and time-related under-employment rate fell.
- However, the weaker economic outlook has slowed labour market improvements in the short-term. The employment rate fell in 2023, from the high in 2022 when the labour market was exceptionally tight. However, unemployment rates remained low, and Singapore maintained its high ranking compared to countries in the OECD. Nominal incomes continued to rise, but due to higher inflation, real incomes fell in 2023.
This year’s Labour Force Advance Release also carries a feature article – “Development of Labour Market Indicators: From Inception to International Endorsement”. It highlights the rigorous process to produce indicators that are recognised as international standards. The article illustrates this through the formulation of statistical standards to measure Digital Platform Employment. The Manpower Research and Statistics Department is at the forefront of this effort with the International Labour Organisation to strengthen the methodological rigour on the development of labour market indicators.
For more key findings, please refer to the
highlights of the report.
Released on: 30 November 2023
